关于2020年CIA考试报名时间和报名流程你都知道了吗？

短文理解

听力原文： Dealers in government and private securities need short-term financing to purchase new securities and carry their existing portfolios of securities until those securities are sold to customers or reach maturity. Such loans are readily granted by many of the largest banks because of their high quality--often backed by pledging the dealer's holdings of government securities as collateral. Moreover, many loans to securities dealers are so short-overnight out to a few days that the bank can quickly recover its funds or make a new loan at a higher interest rate if the credit markets have tightened up.

21. Who need short-term financing according to the passage?

22.Why such loans are so high quality?

23.How long will the dealers keep such loans?

(21)

A．Dealers in foreign exchange.

B．Dealers in government bonds.

C．Dealers in IPO.

D．Dealers in government & private securities.

听力原文：Each month the cardholder receives a statement from the bank, which lists the details of all the transactions in the month, together with the total amount outstanding.

(4)

A．Each month the cardholder receives a statement and the amount of all the transactions.

B．Each month the bank gives the cardholder a statement showing the total amount outstanding.

C．Each month the bank gives the cardholder a statement showing the compound interest.

D．Each month the bank gives the cardholder a statement showing any minimum amount that needs to be paid.

When the stock market turns down, holders of common stocks traditionally begin to move some portion of their (61) out of stocks and into (62) to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by (63) stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio' futures and option positions cushions the decline in the value of the portfolio' common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater (64) than the traditional method of actually selling stocks and buying treasury (65)

(46)

A．treasure

B．assets

C．investment

D．capital